A leading trade union is claiming inflation has almost halved the value of wages in parts of London, since the recession five years ago. According to the GMB's figures, five out of the UK's eight worst areas are London boroughs.

Figures show older people in London contribute as much to society, or in some cases more, than they receive Credit: Chris Young/PA Wire

Londoners over the age of 50 contribute £53 billion pounds to the economy, according to a new report commissioned by the Mayor.

The Economic Contribution of Older Londoners report found that in addition to a £47 billion contribution to the economy through paid work, older people also provide £4.7 billion as a result of caring for other adults and £600 million providing childcare for their grandchildren.

Around £800 million is contributed by older Londoners through volunteering activities, figures show.

Around two million people in the capital are aged 50 or over, with 905,000 aged 65 and over.

Those behind the report say the findings dispel stereotypes that older people are a financial drain on society and their loved ones, and that they contribute as much to society - or in some cases even more - than they receive.

London's West End has seen a surge in shoppers for the first May Bank Holiday weekend - a 20 % increase year-on-year. Restaurants, theatres and retailers have had a buoyant weekend fuelled by the domestic holiday makers.

The caller, named as Laura from East Dulwich, said to Nick Clegg: "I'm just wondering why the coalition is discriminating against mothers like me who care for their children at home, with the latest announcements?"

London is one of the worst areas for people chasing jobs. A study by Unison found there were more than ten jobseekers per vacancy in a third of the capital's thirty two boroughs while in Hackney, there were more than twenty.